Russia: Trade

Lord Balfe Excerpts

Tuesday 28th July 2020 Lords Chamber

[Lord Grimstone of Boscobel]

My Lords, UK companies are well aware of what aspects of trade are covered by sanctions. I would be most surprised if any of them do not abide by those rules strictly. We believe that trade that is not covered by sanctions can, as I have said before, be a lever for stabilising relationships.

[Lord Balfe (Con) [V]]

I point out to the noble Lords, Lord Foulkes and Lord Rooker, that the last Labour Government were also very keen to get Russian government money into Britain, but the Russians have clearly got their measure now, because they do not give them any money. Trade involves interaction. If we are going to keep Russia onside, we need to remember not only the human rights side of things but the need to promote trade and encourage western values, and we need to encourage people to go to the St Petersburg fair. Can I have the Minister’s assurance that we will pursue an even-handed strategy, as opposed to a prejudiced one, when dealing with Russia?

[Lord Grimstone of Boscobel]

My Lords, we are quite clear that trade does not have to come at the expense of labour, the environment, human rights or sustainable development. We use trade because we want to ensure that economic growth and development and environmental protection can go hand in hand.